Summit, NJ based Celgene Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of drugs targeting cancer and inflammatory diseases. Celgene’s key growth driver is Revlimid. The company's portfolio also includes Pomalyst/Imnovid, Abraxane, Otezla, Istodax, Vidaza and Thalomid/Thalidomide.
However, Celgene suffered a series of setbacks over the last few months. The company suffered a setback when a late stage study on its lead cancer drug Revlimid in combination with Rituxan failed. The threat of generic competition is also looming large on Revlimid forcing Celgene to look for acquisitions. The company recently acquired Juno Therapeutics.
Celgene has an excellent track record with the company beating earnings estimates in the last four trailing quarters. Last quarter, the company topped estimates by 2.5%. Overall, the company has delivered an average positive surprise of 2.37%.
Currently, Celgene has a Zacks Rank #4 (Sell), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Celgene beat on second-quarter 2018 earnings. The company reported adjusted EPS of $2.16 while our consensus called for EPS of $2.10.
Revenues: Revenue too beat expectations. Celgene posted revenues of $3.81 billion, beating our consensus estimate of $3.68 billion.
Key Stats: Revlimid continued with its strong performance. Sales of Otezla and Pomalyst also increased. However, sales of Abraxane declined.
2018 Outlook: Celgene now anticipates earnings per share of $8.70-$8.75 in 2018, up from the earlier estimate of $8.45. The current Zacks Consensus Estimate for earnings is $8.54 per share. Net revenues are now projected at $15 billion, compared to the Zacks Consensus Estimate of $14.9 billion.
Pre-Market Trading: Shares are up in pre-market trading.
Check back later for our full write up on this CELG earnings report later!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
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Celgene (CELG) Beats on Q2 Earnings, Ups View
Summit, NJ based Celgene Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of drugs targeting cancer and inflammatory diseases. Celgene’s key growth driver is Revlimid. The company's portfolio also includes Pomalyst/Imnovid, Abraxane, Otezla, Istodax, Vidaza and Thalomid/Thalidomide.
However, Celgene suffered a series of setbacks over the last few months. The company suffered a setback when a late stage study on its lead cancer drug Revlimid in combination with Rituxan failed. The threat of generic competition is also looming large on Revlimid forcing Celgene to look for acquisitions. The company recently acquired Juno Therapeutics.
Celgene has an excellent track record with the company beating earnings estimates in the last four trailing quarters. Last quarter, the company topped estimates by 2.5%. Overall, the company has delivered an average positive surprise of 2.37%.
Celgene Corporation Price and Consensus
Celgene Corporation Price and Consensus | Celgene Corporation Quote
Currently, Celgene has a Zacks Rank #4 (Sell), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Celgene beat on second-quarter 2018 earnings. The company reported adjusted EPS of $2.16 while our consensus called for EPS of $2.10.
Revenues: Revenue too beat expectations. Celgene posted revenues of $3.81 billion, beating our consensus estimate of $3.68 billion.
Key Stats: Revlimid continued with its strong performance. Sales of Otezla and Pomalyst also increased. However, sales of Abraxane declined.
2018 Outlook: Celgene now anticipates earnings per share of $8.70-$8.75 in 2018, up from the earlier estimate of $8.45. The current Zacks Consensus Estimate for earnings is $8.54 per share. Net revenues are now projected at $15 billion, compared to the Zacks Consensus Estimate of $14.9 billion.
Pre-Market Trading: Shares are up in pre-market trading.
Check back later for our full write up on this CELG earnings report later!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>